Global law firm Norton Rose Fulbright secured a rare time-served sentence for Estonian crypto mining businessman Ivan Turogin in a US$577 million crypto fraud case designated by the Department of Justice as one of the largest of its kind in history.
On August 12, 2025, Judge Robert S. Lasnik of the US District Court for the Western District of Washington handed down the sentence for Turogin and co-defendant Sergei Potapenko, disregarding federal prosecutors’ push for another decade in prison for the pair. The judge instead opted for three years of supervised release, some community service in Estonia, and a US$25,000 fine, with no additional prison time despite finding that the defendants faced an advisory Guidelines range of 30 years to life. The Court noted that the attorneys did a “remarkable” job presenting the case.
Former business partners Turogin and Potapenko pled guilty in February to wire fraud conspiracy in relation to their crypto mining service, HashFlare.
Norton Rose Fulbright’s team representing Turogin included Andrey Spektor and Maryclaire Kennedy (New York). Austin Hartley and Natalie Becker also provided critical support.
This landmark result was achieved through thoughtful collaboration between Norton Rose Fulbright and co-counsel Reed Smith, which represented co-defendant Sergei Potapenko. Mark Bini led the Reed Smith team, which also included Kaela Dahan, Victoria Jaus, Rob Carnes and Natalia Terezakis.
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